The Dollar Index seems to have formed the top of Minute wave a(circle), and poised to the pullback as Minute wave b(circle). The following rally in Minute wave c(circle) lies ahead.
As shown on this Dollar Index’s Intraday chart, A pullback in Minute wave b and resuming the rally in Minute wave c likely lie ahead prior to end of the Minor wave B.
Dollar Index Rally in Minor wave B :
This week, the U.S. Dollar Index retraced up through the 38 percentage of Minor wave A decline, likely in a completed Minute wave a (circle). The following Minute waves of b and c lie ahead, prior to the completion of the rally in Minor wave B.
Based on this alternative, the broad outlook remains bullish against the 93.155 low.
The U.S. Dollar Index formed its bottom, as extreme point of Minor wave C, very close to the anticipated 93.04 Fibonacci target. The impulsive rise, as an initial move to the upside, could be an indicative signal to trend reversal.
The outlook now is bullish against the 93.17 low.
Searching for support :
The U.S. Dollar Index is searching its low, while approaching the anticipated Fibonacci 93.04-92.79 cluster targets.
Bearish outlook :
The U.S. Dollar Index is falling in expected fifth wave of Minor wave C, after completing the running triangle fourth wave.
The outlook is immediately bearish against the 94.70, through the 93.04-92.79 range.
Bear trend in place but expect a bit more sideways in short-term :
The U.S. Dollar Index has developed the Minuette waves (a), (b), (c) and (d) of a running triangle as Minute wave iv (circle), and its wave (e) up lies ahead.
The broad outlook still remains bearish through the 93.04, in expected decline in fifth wave of Minor wave C.
Bear trend in place but expect more sideways in short-term :
The U.S. Dollar Index seems to have developed the Minuette waves (a), (b), and a part of (c) of a running triangle as Minute wave iv (circle), in which case waves (d) down and (e) up lie ahead to form a completed triangle in the current range. With this potential, the outlook remains sideways…
The broader outlook, however, has remained bearish through the 93.04, in anticipated decline of fifth wave ahead of Minor wave C.
The bearish outlook :
US Dollar Index may going sideways, likely in a running triangle as the Minute fourth wave of Minor wave C.
The broader outlook remains bearish through the 93.04, where the wave C equals 1.618 times the length of wave A, in anticipation of the wave C extending to lower levels.
The bearish outlook :
US Dollar Index has corrected 38 percent of the minute degree wave iii of wave C, in the fourth wave likely in progress.
The broad outlook still remains bearish in anticipation of continue to fall now with potential of the fifth wave decline of the ongoing wave C.